Marketing for Lawyers and Law firms Nationwide
Marketing your law firm is a must. Gone are the days when marketing is merely a nice-to-have addition to your business plan. Competition in the legal field is increasingly hungry for a bigger share of the pie. It is paramount for your firm to have a marketing strategy in place that will position it in such a way that will keep your phones ringing. Here are some benefits you can look forward to with a functioning marketing plan:
- Enhance your firm’s first impression.
- Drive awareness.
- Build on your firm’s credibility.
- Strengthen trust.
- Provide value for your firm and your prospects.
- Position your firm as an industry leader in your local market.
- And last but definitely not least, ongoing business.
Using and combining all the different marketing channels can give your law firm a great advantage. Your firm will have a presence in multiple areas, however, it is not a one-time-fix deal. Marketing (especially digital marketing) is dynamic and requires constant updates. That is if you want to meet your prospects where they currently are before your competition gets to them!
What is a Law firm Marketing strategy?
A marketing strategy gives your firm direction when navigating uncharted waters. It is a business’s overall game plan for reaching prospects and turning them into customers.
Some questions the marketing strategy should answer are:
- What services does your firm offer?
- Who are you delivering to?
- How will you deliver your services?
- Who are your competitors?
A marketing strategy is essential to get the biggest bang for your buck and get new businesses to start rolling in. We’d like to highlight here, for semantics sake, that there are a couple of terms that frequently get used interchangeably, but aren’t quite the same. These terms are marketing strategy and marketing plan. A marketing strategy focuses on long-term marketing plans, which in turn each have specific details and types of marketing activities.
In order for your overarching marketing strategy to succeed, the individual marketing plans it comprises must all be well-thought-out and interconnect smoothly. We recognize that for your firm to stand out in today’s competitive environment, it needs to build and actively maintain connections with prospects and clients alike. We can help you achieve that.
Talk with our sales consultant Sam Polesak!
Law Firm Marketing KPIs to Measure Success
The first step towards success is identifying where you’re at, where you want to be, and how you want to get there. In marketing terms, you’ll need to look into your KPIs (key performance indicators) and discern what needs to be improved, and how. We have listed metrics you should consider when listing out what exactly it is that you want to start measuring and improving below:
Digital Marketing ROI: The amount of money you gain after considering your costs.
CLV, Customer lifetime value: The revenue your firm can expect from a single client. You can calculate the CLV using the following formula:
This will be quick maths. All you have to do is multiply the customer value and average customer lifespan. That’ll give you the CLV. The following are the two formulas:
CAC, Customer acquisition cost: Is the cost of acquiring a new client. The CAC can be calculated by dividing all the marketing expenses by the number of customers acquired when the money was spent.
NPS, Net promoter score: Helps measure the customer experience and predicts your firm’s growth. The following formula calculates the net promoter score:
% of promoters – % of detractors = NPS (Net promoter score)
- Promoter – They score in the 9 – 10 range and are loyal.
- Passives – They score in the 7 – 8 range. They are satisfied but aren’t 100% loyal. They may compare and contrast.
- Detractors – They score in the 0-6 range. They are dissatisfied and can damage your brand.
Customer retention: This is the process of re-engaging with existing clients, so they continue to seek out your business. An advantage of customer retention is that it’s less expensive than trying to acquire a new customer.
Social Media Metrics: There’s a great deal of what you can measure here. For starters, the following are the three primary social media metrics:
- Likes and followers: total subscribers and followers.
- Engagement rate: engagement online means the number of likes, shares, retweets, comments, etc.
- Reach: % of people reached
SEO metrics: Like the social media metrics, there are also several SEO metrics. To begin, you can measure the following 3 SEO KPIs:
- Backlinks: the number of links between websites. The more votes you get, the more it positively affects your SEO’s ranking.
- Analytics: It’s possible to track the unique website visitors, organic traffic, bounce rate, page views, etc.
- Rankings: CTR (click-through rates) count as rankings. Keywords and search ranking also falls under SEO metrics.
Conversion rate: This is the percentage of visitors that completed a specific action. To enhance the conversion rate, you can include CTAs, call-to-actions like “Submit a form.”
Referral traffic: If you need to answer the question, “Where are most of my clients coming from? Then tracking referral traffic can help you form a concrete answer. This metric enables you to understand where the majority of your visitors are coming from.
MQLs, Marketing qualified leads: Are leads that are more interested than other leads but are not quite ready to commit to you. You can nurture an MQL and guide them to become SQLs. The qualified leads can be tracked with predictive analytics tools like IBM’s SPSS. These types of tools help identify existing trends to later predict possible SQLs for the future.
SQLs, Sales qualified leads: If an MQL goes past consideration and decides to commit, they become SQLs. To put it simply, they are ready to book a call with your firm. Likewise, SQLs are possible to track with predictive analytics tools.
To accurately measure MQLs and SQLs, you’ll need to keep the lines of communication open between your firm and, if applicable, the sales and marketing team. With the combined expertise of all groups together, you can discover new strategies to attract clients.
Not sure where to start? Worry not! You can have your peace of mind while bringing in more calls and cases by teaming up with experts with the talents, tools, and technical expertise required to get your firm the results it deserves. If you are ready for your firm to crush its competition, let’s talk. See how you can surpass your goals with Consultwebs. A proven advantage towards your success.
